A couple of recent threads saw us going off topic and we found ourselves arguing the merits of capitalism vs. pitfalls of socialism. 
Can you guess where I stand on the issue? If not I'll tell you. Freedom is not compatible with socialism, and I'm more inclined to remain free and provide for myself than I am to accept handouts and be enslaved.
What about you?
Can you guess where I stand on the issue? If not I'll tell you. Freedom is not compatible with socialism, and I'm more inclined to remain free and provide for myself than I am to accept handouts and be enslaved.
What about you?
The main difference between capitalism and socialism is the extent of government intervention in the economy.
A capitalist economic system is characterised by private ownership of assets and business. While a socialist economic system is characterised by greater government intervention to re-allocate resources. Socialism takes care of prices , inflation and unemployment while capitalism cares about profits as owned by private players. Therenis more equality too in socialist society as compared to capitalist society.
Socialism doesn't take care of price, inflation or unemployment.
Most of socialist countries experienced shortages because there was no invisible hand to show the scarcity of items, they experienced tremendous amounts of inflation because goverments were printing money in order finance their spending and they only hide the unemployment rates by hiring people on non-existant positions.